Amper 2023

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Midasc
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Artículo sobre las boyas flotante con mención a Sener

https://cincodias.elpais.com/companias/ ... tamar.html
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Midasc
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Por el titular de la noticia,parece que carga de trabajo para arrancar As Somozas ya tienen
https://www.lavozdegalicia.es/noticia/f ... 8C4991.htm
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repma
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No tiene relación directa con Amper, pero lo pongo como noticia curiosa.

Es la instalación de un generador "flotante" en la costa vasca.
Solo existen 3 en el mundo.
Es un proyecto experimental, debido a las leyes vascas que impiden un parque comercial en sus aguas. Pero es otro paso en la eólica marina.

https://www.eitb.eus/es/noticias/socied ... -armintza/

https://www.deia.eus/bizkaia/2023/08/11 ... 40964.html
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Dunbar
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https://cincodias.elpais.com/companias/ ... guera.html

Amper pierde y no consigue rascar nada
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Sunkmánitu Thánka Ob Wachí.
Resilencia 2.0

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Zeth
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Zeth
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Zeth
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Zeth
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11 PROGRAMA ST. BRIEUC (incidencias) NERVION INDUSTRIES ENGINEERING AND 1.105.584,00 EUR 16/05/2023 Prórroga/ampliación (Contrato principal procedimiento

Ingeniería, suministro y construcción de Jacket para Dogger Bank C NERVION NAVAL OFFSHORE SL 10.888.425,95 EUR 23/06/2023 Procedimiento negociado sin publicidad

12 kilates
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Zeth
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Me he olvidado , son con navantia mes me mayo y junio 2023
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Dunbar
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Ignacio Galán ha decidido echar el freno a sus proyecto de eólica en el mar...

La eólica marina se ha visto impactada de manera abrupta en los últimos años por los problemas en las cadenas de suministro...

la danesa Orsted, el mayor desarrollador de parques eólicos 'offshore' del mundo, que anunció pérdidas de hasta 2.300 millones de dólares en sus proyectos eólicos marinos
https://www.hispanidad.com/economia/ibe ... 2_amp.html
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Himbersor
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Primer informe de analistas siguiendo a Amper. JB Capital
https://docdro.id/YFAKn1D

AMPER
SPAIN | INFORMATION TECHNOLOGY
BUY
Winds of change; initiating with a Buy rating

We initiate coverage of Amper with a Buy recommendation and a €0.150/shr YE24 target
price (offering a 42% upside to current prices). The Company has industrial, engineering
and technological capabilities with exposure to the energy-transition (with a leading
position in the construction of offshore wind jackets – the Company’s growth engine, in
our view) and defence markets (advance communications and surveillance systems). We
see Amper as a transformation story. Its new management team, which started in 2022, is
fully aligned with shareholders to successfully reposition the business. We believe a strong
balance sheet is critical to realise this turnaround story, in order to enter a period of abovehistorical
organic growth and significant margin improvement. In this regard, a future
capital increase for €30m at €0.08/shr (at a c.25% discount to the current market price)
should address the Company’s balance sheet issue, offering a liquidity event for investors.
Turning around the story: Amper’s largest shareholder appointed a new management
team in 2022 to bring more experience and exposure in Amper’s targeted sectors and
reposition the Company to focus on three main pillars: energy and sustainability (62% EV),
defence & security (33% EV) and telecommunications (5% EV). The c.€100m (c.25% of
backlog) offshore wind contract awarded in June is an indication that the new
management is beginning to turn the corner. Backlog at highs provides visibility (0.9x our
2024e sales) and secures growth one year ahead.

Growth plan is ambitious, but execution is key: We expect the Company to capture
sound organic growth underpinned by its presence in fast-growing niches (FY26e
revenues of c.€650m revenues, 18% CAGR during 2022-26e). Profitability has been an
issue in the past; however, management is repositioning its portfolio and implementing
cost-control measures. Our estimates are consistent with Amper delivering EBITDA
margins in line with peers (reaching c.10% EBITDA margin by end-2026e vs c.5% in 2022).
Reinforcing the balance sheet to enable execution: Amper informed the CNMV on 14
June that it intends to launch a cash rights issue for €30m at €0.08/shr to reinforce the
Company’s balance sheet, providing it with “operational flexibility” to deliver on its
business plan. We assume a fully subscribed rights issue of €30m and estimate a 2023e
net debt of €58m, significantly lowering the Company’s leverage (ND/EBITDA to 2.5x vs
c.4x before the rights issue). The issue has preliminary commitments by core shareholders
with representation in the BoD to subscribe for 40% of the total amount.

Our €0.150/shr YE24 fully diluted target price offers a 42% upside potential. We
value Amper through a discounted cash flow approach, as we believe it is the most
appropriate valuation technique to capture its expected top-line growth and profitability
expansion. In our view, Amper is a transformation story with an attractive risk-reward. Our
bull-case scenario points to a fully diluted €0.18/shr, while our bear-case scenario yields a
fully diluted TP of €0.12/shr.

Catalysts: i) Successful completion of the rights issue; ii) divestments of less value-added
businesses with lower margins; iii) favorable evolution of the backlog in 3Q23 results; iv)
EBIT margin expansion (in our opinion, the key value driver for the Company); and v)
resultant cash flow generation improvement.
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Himbersor
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EXECUTIVE SUMMARY

Amper possesses industrial, engineering and technological capabilities with a wide range of products and
services focused towards growth niches within the energy-transition and defence markets.
Specifically,
after some years of a somewhat unclear strategy, the new management incorporated in 2022 strategically focused
the group towards three key areas: 1) energy and sustainability (77% of 2022 revenues) – including offshore wind
foundation manufacturing and engineering, smart grid management, electrical storage systems and digitalization
of spaces to optimize energy consumption; 2) defence and security (16% of 2022 revenues) – comprising naval
shipbuilding, advanced communications and surveillance systems and airport management solutions; and 3)
telecommunications (7% of 2022 revenues) – involving communication systems, high-capacity telecom networks
and 5G infrastructure deployment. Spain remains Amper’s main market (c.75% of revenues), while exports account
for 25% (mainly in LatAm). Amper had c.3,500 employees as of 30 June 2023.

Low current profitability: Our investment case hinges on Amper’s ability to meaningfully improve its 2022 EBIT
margin of 1.2%, which is well below the median of similar-sized peers. Amper’s recent track record has arguably
been poor in terms of profitability, and its low EBIT margin stems from a rapid expansion sustained by M&A during
the past six years, Amper was focused on securing growth as under the prior management. Consequently, it ended
up with a diversified business model with exposure to growth niches but low profitability (mainly as a result of
higher exposure to low-margin industrial businesses, insufficient pricing discipline when bidding for projects, and
the impact of redundancies on operational efficiency generated by the companies acquired).

Turning around the story: Zelenza, an industrial player, is Amper’s main shareholder with a 7.9% stake acquired
in 2022. In addition, coinciding with Zelenza’s entry into the capital, a new management team was incorporated
in the second half of 2022, including the new CEO Enrique Lopez (on 22 November), armed with a strong track
record in the defence sector (former CEO and founder of Everis Aerospace and Defence) and Pedro Morenés,
former minister of defence for Spain (2011-16), as non-executive chairman. In our view, these changes imply that
all executives should be working in tandem with full support of the key shareholders.

Growth plan is ambitious, but execution is key. We anticipate an 18% organic sales CAGR for 2022-26e,
underpinned by Amper’s presence in fast-growing niches, including: i) renewable assets (we expect suppliers to
the offshore wind industry, such as Amper, to benefit from the significant investments required to reach 2030
installation objectives); ii) defence, which should benefit from the significant increase in the defence budgets
expected in Europe to meet NATO commitments; and iii) telecommunications, with future FTTH and 5G
deployment in Europe and LatAm (where Amper is present) suggesting an attractive growth profile.

We see a clear path to reach double-digit EBITDA margin: We believe Amper can achieve 10% EBITDA margin
by end-2026e (vs 5.5% in 2022), driven by four key initiatives: i) sound organic growth in revenues; ii) combined
margin expansion in its three divisions due to an improved product mix; iii) cost-control measures already in place;
and iv) resultant operational leverage, with opex growing clearly below the revenue line.

Addressing the balance sheet issue is critical for the transformation story: The evolution of Amper’s net debt
position has worsened over the past few years due to several factors, including maintaining a demanding R&D
policy while leading an aggressive inorganic growth expansion through M&A. Specifically, Amper closed 2022 with
net debt amounting to €76.4m (€148m including non-recourse factoring and other long-term liabilities), thereby
increasing its gearing to c.4x ND/EBITDA. Assuming a full subscription of the €30m expected rights issue, we
estimate 2023 net debt would decrease to €58m, thus lowering 2023e ND/EBITDA to c.2.5x.

What could go wrong? When we talk about estimates that contemplate multiplying the 2022 EBITDA by more
than 3x, there are execution risks. We see the following risks to our positive stance: i) cost overruns in the backlog;
ii) insufficient pricing discipline when bidding for projects; iii) delays in realization of the offshore pipeline (due to
a slow permitting process and financing and regulatory challenges); iv) the road to margin and FCF improvement
could be bumpy; v) the scale of net debt (€82m as of June 2023, before the rights issue) could remain a cause of
concern for investors; and vi) if the potential €30m rights issue is not carried out, it will put additional pressure on
an already stretched balance sheet (implying that Amper’s financial needs may require raising cash through
disposals on unfavourable terms).

Bottom line: Valuation is attractive from a risk-reward perspective; initiating coverage with a Buy rating.
Our €0.150/shr target price for Amper is based on a discounted cash flow methodology as we believe it is the most
appropriate valuation technique to capture the Company’s expected top-line growth and profitability expansion.
While Amper has remained unnoticed by investors for long, we believe the conditions for a turnaround have finally
been met. Amper is a transformation story with an attractive risk-reward. The future capital increase of €30m will
address the Company’s balance sheet issue, offering a liquidity event for investors.
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